The acquisition, due to be concluded next week, will see the Mortal Kombat licence, This Is Vegas, Midway's sports and arcade brands, and the company's Chicago and Seattle studios become the property of Warner Bros.

Midway's Newcastle and San Diego studios were not included in the deal, along with the TNA licence. Both studios have been trying to establish themselves as independent developers in a bid to attract potential buyers.

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According to Joystiq, the development houses have been given the required 60-day notice, but a Midway spokesperson confirmed that no bids have been forthcoming.

Warner's interest in Midway began back in April, when the media giant tabled a $33 million (£20 million) bid for the studio.

Midway is one of the few active developers and publishers that was producing games before the rise of the home console.